Accounting
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AIFA helps education providers, online or offline, provide personalized education to every student with increased efficiency and accessibility
Get a crystal clear view of every financial health by forecasting and predicting your growth.
Bank transactions are recommended to categorize based on how you’ve recorded similar transactions before.
A.I. processes past actions to predict future movements.
ML identifies patterns in data that help the computer make more accurate decisions in similar scenarios in the future.
Use case
One of the tasks for booking keeping is analyzing financial transactions and assigning them to specific accounts,
AIFA could generate recommendations using the data from past transactions to tell you what transaction goes under which category type.
And what this does is it cuts your manual effort and reduces human error.
Using these recommendations, you could even predict future transactions that the client may make, which helps you be proactive in your decision making.
Using AIFA, you could overcome the challenge of time management by speeding up the bookkeeping process and even cutting down on the number of people doing this job.
Managing payroll seamlessly is one of the most critical tasks of an organization. Unfortunately, the process involves a lot of manual work that is prone to human error.
AIFA can look deeper, potentially uncovering instances where employees overreport their hours accidentally or fraudulently.
Usecase
Using AIFA, you can automatically categorize various categories of payments that need to be made.
AIFA can take into multiple aspects like withheld taxes, bonuses, overtime pay, sick time, and holiday pay and generate the total amount that needs to be paid to employees of various categories.
On payday, AIFA can determine the total amount owed to the employee based on the number of hours or weeks employed over the pay period and the pay rate.
A.I. accounting systems can implement cash flow forecasting tools to estimate your company’s future cash position, barring major one-time purchases.
The benefits of cash forecasting are it provides businesses with foresight collection strategies, liquidating assets or reaching out to lenders, making investment decisions, etc.
Usecase
The AI-backed system automatically analyzes your company’s financials to pull out potential tax savings for your small business.
Using years of previous tax documentation as a foundation for learning,
AIFAalso has an in-depth understanding of the tax code and stays on top of yearly changes. As a result, it’s easier for tax practitioners to identify critical areas for possible savings.
Usecase
AIFA can automatically tell you what kind of tax applies to each transaction, taking in various identifiers such as
AIFA can help in tax audits by using past data to detect any error or mistake in the documents
Using A.I. companies can analyze which payment has the highest opportunity cost if not paid on time and proactively push to receive those transactions.
Using A.I. companies can analyze which payment has the highest opportunity cost if not paid on time and proactively push to receive those transactions.
Use case
Payments from counterparties are influenced by a number of factors such as invoice aging, working capital, debt levels, counterparty risk ratings, and loan interest rates.
Using A.I. companies can analyze which payment has the highest opportunity cost if not paid on time and proactively push to receive those transactions.
Delays in collection impact companies in three ways — they entail opportunity costs, require carrying costs, resulting in an excessive amount of value trapped in account receivables.